JAKARTA (TheInsiderStories) – Local oil and gas producer, PT Apexindo Pratama Duta Tbk (IDX: APEX) offered Mandatory Conversion Bonds (MCB) with total amount US$185.84 million, said the company on Monday (02/17). The total new shares issued are 996.3 million shares and divided into two tranches.
A total of 886.62 million shares will be issued in Tranche 1 with the conversion prince Rp1,846.63 a share and Tranche 2 as much as 109.68 million shares with price Rp9,195.29 per share. At present, number of parties who have accepted the MCB are Raiffeisen Bank International AG Singapore, Pathfinder Strategic Credit II LP, ACP I Trading LLC, HSBC Bank PLC, Intesa Sanpaolo SpA Hong Kong, HSBC Ltd, and QNB.
The issuance of the notes is a solution that must take by the Apexindo, after it was stated by the Central Jakarta Commercial Court delayed the obligation of debt payment. The management explained in the Peace Agreement, the company’ debt would be settled through the issuance of new shares with a mechanism to increase capital through the issuance of MCB.
Its planned that the program will be carried out no later than the beginning of March 2020. The company have scheduled to get the approval from the shareholders on Feb. 21.
After the conversion, Apexindo‘ equity will increase from $57.99 million as of March 2019 to $159.99 million. In addition, the total liabilities will lowering to $444.94 million from $666.66 million and the debt to asset ratio to 88 percent from 132 percent.
The ownership of other shareholders will diluted by 27.25 percent. Before the MCB program, hold by PT Aserra Capital of 66.99 percent, CDH Archer Limited 5 percent, CDH Bowman Limited 5 percent, PT Trimegah Sekuritas Tbk (IDX: TRIM) 6.98 percent, Eka Dharmajanto Kasih 1.07 percent, and public 14.95 percent.
Established in 1984, Apexindo is drilling contractor with offshore and onshore drilling capacity for oil and gas, geothermal and coal bed methane industries. The publicly listed firm operate six offshore rigs (two jack-up and 4 swamp barges) and eight onshore rigs.
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